KUWAIT CITY, April 1, (KUNA): The seasonal problem of suspending the shares of companies which fail to abide by the Capital Market Authority (CMA) deadline for releasing quarterly financial statements gravely harms traders interests and rights, economists warned Tuesday. “The suspension of shares of several listed companies is a seasonal problem that causes losses to small traders,” General Manager of MENA for Economic Consultants Company Adnan Al-Dulaimi told KUNA.

He urged the Capital Market Authority to take required measures to oblige non-abiding companies to hold extraordinary general assemblies to approve and announce their financial statements. Al-Duliami asked the listed companies to be transparent about their financial situation in order to protect the rights of shareholders. He expressed hopes the Kuwaiti parliament would pass a default and bankruptcy law soon to protect shareholders and debtors.

For his part, Kuwait Stock Traders Society Mohammad Al-Tarrah warned that the suspension of shares of the companies which fail to abide by the stock market authority deadline have grave impacts on traders. He noted that the expansion of non-operating companies have put huge pressure on the operating ones. Al-Tarrah urged the parliament to take swift action to address the problem.